All Forum Posts by: William B.

You need to think like a salesperson, connect with them on a personal level, if you can connect on an emotionally positive level you will win every time. Here is an example for a way to speak with someone if you are door knocking:

Hi, Mr. Doe, my name is ________, I’m a local real estate expert, hopefully, I am not disrupting anything, I’ll be real quick. I’m not sure if this applies to you, but perhaps you know someone who it might apply to. I provide ethical and compassionate solutions to problems with real estate. If you know someone interested in selling their home, or someone that is struggling to make their house payments, or they owe more on their house than what it’s worth, I can help. So, I’ll let you go, just want to get this in your hands (pass a flyer/door hanger/business card) – if you know a friend, family member, co-worker, neighbor, please tell them to go to the website on here, to learn more about some options they have to sell or get out from underneath their homes, help their family, clear the burden, find relief, and save their credit. Thanks for your time Mr.Doe, enjoy the rest of your evening.”

@Jay Hinrichs I appreciate the reply. I am getting some counsel from a real estate attorney today if they get back to me, have a few inquiries out on it. I have also reached out to the legal firm that initiated the foreclosure filing on behalf of the bank; so as soon as they get back to me I can get to the bottom of this. In this case of buying the home cash and the owner paying off the mortgage, it should be pretty clean, but I certainly am not interested in breaking the law or taking advantage of someone. Thanks again

This property is in between the court filed foreclosure, the court case just closed and the auction, auction of the property has not occurred. I confirmed with the bank that the owner can still pay the mortgage balance and arrears plus legal fees to clear the foreclosure. Thanks for the reply @Jay Hinrichs

Be very careful about using the BP calculator for rehab calculations, I love BP for what it is but let me tell you the rehab calculator is woefully inadequate, it does not cover nearly enough. Consider using PrebuiltML, I use PrebuiltML X.

Here is my opinion, you need 3 things to invest in real estate, TIME, MONEY, and KNOWLEDGE, what is each of the three worth in a deal? Well that is subjective; you and the other investing party will have to make that determination. I believe that the TIME+KNOWLEDGE is worth more than the FUNDING but some others would not agree with me on that. Having said all that I structure my deals so that the money gets 50% of the profit and/or the cash flow. 

thanks for the feedback @Brett Goldsmith for the post.

@Jay Hinrichs have any input here? 

Anyone else in Oregon have some input?

Thank you all for your time.

Anyone want to hit any high points on what I might be missing or offer any pointers about purchasing a pre-foreclosure? I am under contract to purchase a 3/2 SFR built in 2005, the owner does not occupy the property, it is in Oregon. Court docs indicate the case is closed, so legally speaking the foreclosure has been legally processed but not actioned any further at this time. I have not yet acquired a property that is subject to foreclosure, this will be the first.

Steps taken so far:

-Personally researched all data publically available about the property and owner

-Preliminary title research from title company received

-spoke with lender w/owner telephonically to confirm resolution is possible with payoff

-in process of submitting the deal to title company to run full title report

-multiple meetings with the owner, a great rapport developed

Planned Actions:

- will submit to real estate attorney for counsel and review of the deal documentation 

Thanks for any feedback. Have a great life of prosperity!

@Alexander Felice I like how you have articulated your perspective. I concur with the majority of what you are saying. I think what I was trying to articulate is that I am perplexed at why it is as you say "the real majority of people just want to spend all their money and don't really care about learning how to make more". If pleasure, joy or satisfaction is had by spending all of it, isn't it only logical to think about how can one get more to spend? I appreciate your input, wishing you well.

Why is it so hard to shift the belief system from money accumulation to building income? Of course, as an investor, I am speaking to passive income but my discussion is about all forms of income. Almost everyone I talk to the focus is on the accumulation of money: employer retirement funds, deferred comp, savings, etc. (not that saving money is a bad thing). Even entrepreneurs and some investors look at me strangely when I convey to them that I think having growing income/high income is more valuable than accumulated cash. Of course, this is pretty much a Rich Dad Poor Dad concept and I am not saying anything revolutionary or original, I just can't figure out why it is so difficult to see that there is a lot of value in being focused on building income rather than saving or accumulating money. There are so many factors that contribute to this concept, and one could argue against income vs. cash on hand especially if we start talking about over-leveraged cash flow. So before I ramble any further, let me ask the question again, Why is it so hard to shift the belief system from money accumulation to building income? Am I asking the right question, what does this rant spark in your mind? Why is this perplexing for me that the majority I talk to won't even carry a dialogue on this topic?

 @Kelly I. look into his home address and door knock, the success level I have had and those I know that have done door knocking have had far greater success than any other method. When I have a solid lead like this I get a preliminary report from the title company that gives a little more insight into the owner, I cross-reference the data with my online research tools and track them down. Wishing you success.

@Matthew Perry I recommend changing "Goals" to "Commitments", I have achieved far more and become more productive when I write down commitments, for me commitment makes me feel more accountable and I immediately start thinking about impediments in the way of my stated commitment and write a few actionable steps to get me closer to my commitments. The term Goal makes me think someday, and someday is code for "never" in my world.

I have one commitment for 2019, when I reach it that means several other success indicators have been realized also(i.e. robust passive REI portfolio, self-sustaining business), therefore, I only list this one:

By December 31st, 2019, I will be my children's homeschool educator relieving my wife of her duty as the primary educator, spending no less than 4 hours per day as my children's educator, prior to the noon hour daily.

Note: We have four lovely children, 2 boys and 2 girls between the ages of 3&8 years old. Wish everyone well closing out this year and may 2019 be the best ever for you all.